Market Recap For January 3rd, 2022
Markets opened higher to start the New Year, but very quickly found themselves struggling to stay in the green.
However, just as quickly, they turned right back around and ended up with a nice rally, overall. This should signal a resumption of Santa’s rally.
Yesterday’s Sector Performance
Thanks to oil’s rally, Energy stocks led the way yesterday.
Material names did not have as much luck.
Five-Day Sector Performance
Consumer Discretionary is still leading the week, but watch out for Energy.
Communication Services are still at the bottom, but Materials could be down there soon.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Consumer Discretionary Select Sector SPDR (XLY)
Markets look like they are back in rally mode, and the current leaders are Energy stocks and Consumer Discretionary.
All signs seem to point towards more green coming, and if it does the XLE and XLY could be challenging new all-time highs soon.
Good luck!